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For more information, please see full course syllabus of AP Microeconomics
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Lecture Comments (25)

0 answers

Post by Professor Jibin Park on February 14 at 11:26:40 AM

What really is opportunity cost? I mean... really.

1 answer

Last reply by: Professor Jibin Park
Sun Oct 1, 2017 1:32 AM

Post by manu vats on October 1, 2017

is this course calculus based?which textbook should i use for this course?

1 answer

Last reply by: Professor Jibin Park
Wed Aug 10, 2016 11:40 PM

Post by Jasper Lin on August 10, 2016

Do positive statements always have to be structured in the "If-Then" format? For example, would "It is possible to get a 5 on the AP Microeconomics exam" be an acceptable positive form of the normative statement in example 2, "You should get a 5 on the AP Microeconomics exam"?

1 answer

Last reply by: Professor Jibin Park
Mon Mar 28, 2016 12:26 PM

Post by Kenosha Fox on March 28, 2016

If you want to live you need water and food to survive. If you want to die you need to fast from food and water. How would you express this concept leaving out the word need? Is not water and food essential or neccesary for life? Where else would your recieve proper nutrients and water to maintain your well being?

1 answer

Last reply by: Professor Jibin Park
Fri Feb 5, 2016 5:05 PM

Post by John Hill on February 5, 2016

Cannot get lesson to load

0 answers

Post by Rebecca Dai on November 13, 2014

between AP econ (both macro and micro) and AP American Government, which one do you think is more difficult? In what ways? If I study both by myself, which one is easier to ace? Thank you!

1 answer

Last reply by: Professor Jibin Park
Sun Aug 24, 2014 10:44 PM

Post by patrick young on August 24, 2014

Great Job Mr. Park!

1 answer

Last reply by: Professor Jibin Park
Sun Aug 24, 2014 10:44 PM

Post by David Saver on July 17, 2014

Will you be doing any business courses?

1 answer

Last reply by: Professor Jibin Park
Wed Jul 16, 2014 11:45 PM

Post by Abdallah Alqassabi on July 16, 2014


0 answers

Post by Taylor Wright on May 27, 2014

I would also add that when a person states a "need", this is usually rooted in a "want".

"I NEED water, because I WANT to live"
"I NEED a car becasue I don't WANT to walk"


1 answer

Last reply by: Professor Jibin Park
Sun Apr 6, 2014 11:18 PM

Post by serene guo on April 6, 2014

actually, Hong Kong is not a country but a part of China. Hong Kong returned from England to China on July 1, 1997.

0 answers

Post by ahmed ahmed on April 2, 2014

what does this mean and please give me examples....?

1.rules of a game (government as umpir) 2.redistribution (government as robin hood)..... i have an exam!

thank you

2 answers

Last reply by: Angela Patrick
Mon Mar 3, 2014 5:42 PM

Post by Angela Patrick on March 2, 2014

do you have a rough estimate (like which month) you're other courses (Gov and macro) will be up

1 answer

Last reply by: Professor Jibin Park
Tue Feb 18, 2014 11:22 PM

Post by Mengyao Zhang on February 18, 2014

I am really confused about the concept of economic profit ,accounting profit and opportunity cost

Intro to Economics

  • All resources are scarce. Scarcity is the fundamental problem in economics. Unlimited wants vs. limited resources.
  • We prioritize our wants and make choices based on our subjective values.
  • Positive economics deals with how things are while normative economics deals with how things should be.
  • Every choice has an opportunity cost.
  • Most decisions are made at the margin.

Intro to Economics

Lecture Slides are screen-captured images of important points in the lecture. Students can download and print out these lecture slide images to do practice problems as well as take notes while watching the lecture.

  • Intro 0:00
  • Lesson Overview 0:09
  • Basic Economic Concepts 1:07
  • What is Economics? 1:47
    • Definition of Economics
    • Scarcity
  • Four Factors of Production (Resources) 3:02
    • Land
    • Labor
    • Capital
    • Entrepreneurship
  • Needs vs. Wants 5:00
    • Needs
    • Wants
  • People Choose 8:46
    • Need
    • Economics is About Making Choices
  • Every Choice Has a Cost 9:29
    • Opportunity Cost
    • Trade-Off
  • Positive Economics vs. Normative Economics 10:23
    • Positive Economics
    • Normative Economics
  • Marginal Analysis 12:29
    • All or Nothing Propositions
    • To Consume the Next Unit or Not
    • Key to Understanding Economics
  • Example 1 13:29
  • Example 2 14:46
  • Example 3 17:02
  • Example 4 20:48